SEP-IRA for professional poker players
 

I'm thinking this is a MUST for those who file as professionals, ie self-employed. You can make tax-deductible contributions up to 25% of your compensation (profit) yearly. That's pretty huge isn't it? Any reason NOT to set one up?

Re: SEP-IRA for professional poker players
 

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I'm thinking this is a MUST for those who file as professionals, ie self-employed. You can make tax-deductible contributions up to 25% of your compensation (profit) yearly. That's pretty huge isn't it? Any reason NOT to set one up?

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When you don't have too much cash laying around.

Re: SEP-IRA for professional poker players
 

It's really more like 18% or whatever, but yeah pros should already have this. Sadly, most don't.

Re: SEP-IRA for professional poker players
 

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It's really more like 18% or whatever, but yeah pros should already have this. Sadly, most don't.

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Yup, it's easy and most people are suckers. I have a 135K sep and just wrote the final check for '08. Yay me.

Krishan

Re: SEP-IRA for professional poker players
 

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It's really more like 18% or whatever, but yeah pros should already have this. Sadly, most don't.

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Yup, it's easy and most people are suckers. I have a 135K sep and just wrote the final check for '08. Yay me.

Krishan

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Wtf? You are contributing for 2008 already? Vanguard only gives me 2006 and 2007 as options... how is this possible?

Re: SEP-IRA for professional poker players
 

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[ QUOTE ]
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It's really more like 18% or whatever, but yeah pros should already have this. Sadly, most don't.

[/ QUOTE ]

Yup, it's easy and most people are suckers. I have a 135K sep and just wrote the final check for '08. Yay me.

Krishan

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Wtf? You are contributing for 2008 already? Vanguard only gives me 2006 and 2007 as options... how is this possible?

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Typo, meant '07.

Krishan

Re: SEP-IRA for professional poker players
 

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
It's really more like 18% or whatever, but yeah pros should already have this. Sadly, most don't.

[/ QUOTE ]

Yup, it's easy and most people are suckers. I have a 135K sep and just wrote the final check for '08. Yay me.

Krishan

[/ QUOTE ]

Wtf? You are contributing for 2008 already? Vanguard only gives me 2006 and 2007 as options... how is this possible?

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Seeing as we are approaching 2008, how is 2006 still an option for contribution?

Also, is opening an SEP IRA anymore complicated than say opening a brokerage account at vanguard and then pointing and clicking?

Re: SEP-IRA for professional poker players
 

I know this has been discussed at length and I'm pretty sure I know the answer, but I'll ask it again anyways:

I am a full time student with no other income besides poker. I am currently investing in various index funds. I am not eligible for a retirement account, (IRA, 401k etc) since my income is not considered "earned" by the IRS. So basically I am stuck with my index funds until I graduate and get a real job, correct?